The National Bureau of Statistics (NBS) has reported an Increase in Nigeria’s Headline Inflation rate to 26.72% in September 2023.
According to the released Consumer Price Index (CPI) and Inflation Report in Abuja on Monday, this figure is 0.92% points higher than the 25.80% recorded in August 2023.
The report highlighted that the rise in the Headline Index was primarily due to Increases in various Items in the basket of Goods and services, particularly in food and Non-alcoholic beverages at 13.84%, and housing, water, electricity, gas, and other fuel at 4.47%.
Furthermore, the report revealed that the Food Inflation rate in September soared to 30.64% on a year-on-year basis, largely attributed to Price Increases in essential food items such as oil and fats, bread and cereals, fish, potatoes, yams, fruits, meat, vegetables, milk, cheese, and eggs.
In terms of Core Inflation, which excludes the Prices of volatile Agricultural Produce and Petroleum motor spirit, the report stated that it stood at 21.84% in September on a year-on-year basis, representing an increase of 4.35% compared to 17.49% recorded in September 2022.
The report also delved into specific States’ profiles, highlighting that Kogi recorded the highest all items Inflation rate at 32.95%, followed by Rivers at 30.63% and Lagos at 30.04%. Conversely, the slowest rise in Headline Inflation was observed in Borno at 21.05%, Jigawa at 22.39%, and Benue at 23.22%.
Similarly, the report showcased the highest and slowest rises in both Month-on-month food Inflation and all items Inflation, providing a comprehensive view of the Inflation dynamics across the various States in the Country.
